Global Insulin Market by Product Type (Rapid-Acting Insulin, Long-Acting Insulin), By Type (Human Insulin and Insulin Analog), By Application (Type 1 Diabetes Mellitus and Type 2 Diabetes Mellitus), By Distribution Channel (Hospitals, Retail Pharmacies), By Region and Companies - Industry Segment Outlook, Market Assessment, Competition Scenario, Trends, and Forecast 2023-2032

Report Overview

Global Insulin market size is expected to be worth around USD 28 Billion by 2032 from USD 22 Billion in 2022, growing at a CAGR of 2.4% during the forecast period from 2022 to 2032

The insulin market is a rapidly growing segment of the pharmaceutical industry, as insulin is a critical medication for diabetes treatment. Diabetes is a chronic disease characterized by high blood sugar levels, and insulin is a hormone that helps regulate blood sugar levels.

The insulin market is dominated by large companies, notably Novo Nordisk, Sanofi, and Eli Lilly and Company. These businesses manufacture a variety of insulin products, such as intermediate-acting, rapid-acting, and long-acting insulin.

U.S. Food and Drug Administration (FDA) and other regulatory organizations actively monitor the safety and effectiveness of insulin products, making the insulin market highly regulated. The cost of this insulin has increased dramatically in many countries in recent years, raising concerns about patient access to this life-saving prescription. As a result, there has been an increased focus on the affordability and accessibility of insulin.

Key Takeaways

• Market Size: The global insulin market is projected to experience a compound annual growth rate (CAGR) of 6.2% from 2023 to 2032.
• Market Trend: Insulin usage has witnessed a notable surge, especially with the growing prevalence of diabetes and a heightened emphasis on managing the condition effectively.
• Product Analysis: In terms of product type, long-acting insulin commands the market, holding an impressive 49% market share.
• Type Analysis: When categorized by type, the insulin analog segment takes the lead in the market, boasting a substantial 84% market share. Insulin analogs, designed to closely mimic the pancreas’ natural insulin, supersede traditional insulin formulations.
• Application Analysis: In terms of application, the market is primarily led by the type 1 Diabetes Mellitus segment, commanding an impressive 75% market share.
• Distribution Channel Analysis: Looking at the distribution channel, the retail pharmacy segment takes the lead in the market, holding a significant 48% market share.
• Drivers: The escalating prevalence of diabetes and the increasing focus on better healthcare management are the primary drivers propelling the insulin market.
• Restraints: High costs associated with insulin and the need for precise dosage management pose challenges for market growth.
• Opportunities: Technological advancements in insulin delivery systems and increasing research for improved insulin formulations provide growth opportunities for the insulin market.
• Challenges: Stringent regulatory guidelines, market competition, and accessibility to insulin in developing regions are significant challenges faced by the insulin market.
• Regional Analysis: By 2022, North America is expected to dominate the global insulin market, holding a substantial insulin market share of approximately 38.2%, driven by the high prevalence of diabetes in the region.

Product Type Analysis

Based on product type, long-acting insulin dominates the market with a 49% market share. Long-acting insulin helps maintain a constant level of insulin in the body for an extended period usually 24 hours or more. Type 1 also type 2 diabetics are frequently treated with this drug. Long-acting insulin helps to keep blood sugar constant across the day and night, potentially reducing the risk of diabetic complications.

Insulin therapy helps ensure a consistent supply of insulin to the body, decreasing the risk of hypoglycemia or low blood sugar. It can be more convenient to inject long-acting insulin once on a daily basis as opposed to many times throughout the day.

The Biosimilar insulin segment is expected to expand during the forecasting period. Clinical experiments are carried out to show that biosimilar insulin is equally secure and efficient at treating diabetes as the reference insulin product. These tests must be planned to find clinically significant variations between the reference and biosimilar products in patients with various types and stages of diabetes.

The molecular makeup of biosimilar insulin must closely resemble that of the standard insulin product. This is crucial because the structure of the complex molecule insulin can vary slightly, changing its biological action as well as safety.

Type Analysis

Insulin type, the analog insulin segment dominates the market with an 84% market share. Insulin analogs are a type of insulin that is created to closely resemble the natural insulin produced by the pancreas in comparison to traditional insulin formulations. They are produced by making minor adjustments to the human insulin market molecule’s amino acid sequence, resulting in a molecule with modified pharmacokinetic also pharmacological features.

In comparison to conventional insulin formulations, insulin analogs provide several benefits, such as more controlled absorption and fewer hypoglycemia spells. These may not be covered by all insurance policies as well they are also more expensive.

Application Analysis

Based on application, the type 1 Diabetes Mellitus segment dominates the market with a 75% market share. Insufficient insulin production occurs as a result of Type 1 Diabetes Mellitus (T1DM) is a long-term autoimmune condition that affects the pancreas’ insulin-producing cells. The amount of blood sugar in the body is managed by the hormone insulin.

Without enough insulin, blood sugar levels can rise to risky levels and also cause several issues. Insulin therapy is necessary for T1DM patients to survive. The number of people with T1DM diagnoses is predicted to rise and more people with T2DM are expected to utilize insulin therapy, which will fuel the growth of the worldwide insulin market.

The need for insulin, a critical component of treating type 2 Diabetes Mellitus (T2DM), is being driven by the condition’s increasing prevalence. By making it easier for glucose to enter the body’s cells, the hormone insulin controls blood sugar levels. To control their blood sugar levels as well as avoid problems like cardiovascular disease, renal failure also blindness, people with T2DM frequently need insulin therapy.

Distribution Channel Analysis

Based on the distribution channel, the retail pharmacy segment dominates the market with a 48% market share. Retail pharmacies are the most common distribution channel for insulin products. Retail pharmacies buy insulin products from wholesalers as well as producers, these pharmacies include the drug, independent pharmacies, and supermarkets.

Retail pharmacies are open longer hours to provide clients with convenience as well as make it simple for patients to get insulin products.

Key Market Segments

Based on Product Type

• Rapid-Acting Insulin
• Long-Acting Insulin
• Combination Insulin
• Biosimilar
• Other Products

Based on Type

• Human Insulin
• Insulin Analog

Based on Application

• Type 1 Diabetes Mellitus
• Type 2 Diabetes Mellitus

Based on Distribution Channel

• Hospitals
• Retail Pharmacies
• Other Distribution Channel

Drivers

Rising diabetes prevalence: The demand for insulin products is being driven by the rapidly rising diabetes prevalence in the world. The World Diabetes Federation estimates that there were 463 million people with diabetes worldwide in 2019 and that number will arise to 700 million by 2045.

Growing awareness about diabetes and its management: Growing public knowledge of diabetes also its management has led to an increase in the number of the person searching for medical advice as well as care for the condition. The need for insulin products is being driven by this.

Innovations in insulin delivery technology: The development of novel cutting-edge insulin delivery technologies is propelling the expansion of the global insulin market. These devices are becoming more popular among patients because they are more helpful and offer better glycemic control.

Increasing adoption of biosimilar insulin products: Biosimilar insulin products are coming more widely used as a result of their reduced price when compared to branded insulin products. This is encouraging both patients and healthcare professionals to use them.

Governmental initiatives to enhance diabetes management and care: Governments all around the world are implementing initiatives to enhance diabetes management also care. Because of their importance in the management of diabetes, this is increasing the need for products containing insulin.

Increasing need for tailored care: Insulin therapy is not an exception to the growing desire for individualized medication. Because it enables more focused treatment as well as better glycemic control, personalized insulin therapy is gaining popularity.

Restraints

The rising price of insulin products is one of the biggest issues the insulin market is now facing. Concern over the high price of insulin has persisted for a while, and calls for more patient-friendly solutions have followed. Along with this, there is a rising demand for insulin as a result of the global rise in diabetes prevalence, which could exert pressure on manufacturers to boost output and lower costs.

The regulatory landscape presents another difficulty for the insulin market. Companies must adhere to stringent laws and criteria in order to sell their insulin products because it is a highly regulated medication. The availability of insulin products may be impacted by regulatory delays or revisions, which can be a time-consuming and expensive procedure.

Opportunity

The global market for insulin offers a significant opportunity for development and innovation. Insulin is the primary therapy for persons with type 1 as well as type 2 diabetes, a critical condition that affects millions of people worldwide. Such as, it is expected that if the prevalence of diabetes grows, that time demand for insulin is also growing

The creation of fresh and cutting-edge insulin formulations also delivery systems represents one area of opportunity for the global insulin market. As an example, everyday dosing and enhanced blood sugar management have been made possible by the introduction of long-acting insulin analogs, which have completely changed the way diabetes is treated. There is a chance that more affordable insulin solutions will be created, which would enhance access to therapy for those in low-income nations.

The growth of the global insulin market in developing nations like China, as well as India, represents another area of opportunity. There is a growing need for diabetic therapies in these nations since they have sizable populations and a high incidence of diabetes.

Trends

Growing demand for faster-acting insulins: The demand for Faster-acting insulins from patients as they can better control postprandial glucose levels as well as low risk of hypoglycemia.

The rising popularity of insulin pens: Insulin pens are getting increasing because of how simple and convenient they are to use.

Increasing focus on biosimilar insulins: Biosimilar insulins are receiving more attention as a result of their more affordable price compared to branded insulin products.

The growing use of digital technologies: including insulin pumps or continuous glucose monitoring devices, is on the rise as a way to improve insulin delivery also monitoring.

Increasing investment in research and development: To create fresh, cutting-edge insulin products, many pharmaceutical companies are spending considerably on research and development.

Regional Analysis

North America is estimated to be the most lucrative market in the global insulin market, with the largest market share of 38%, Owing to the region’s high prevalence of diabetes, the existence of significant market participants, and supportive government programmers to improve diabetes control. Yet throughout the projected period.

The Asia-Pacific area is anticipated to develop at the fastest rate, partly because of the region’s growing diabetes population, bettering healthcare infrastructure as well rising disposable income.

Key Regions

• North America
  • The US
  • Canada
  • Mexico
• Western Europe
  • Germany
  • France
  • The UK
  • Spain
  • Italy
  • Portugal
  • Ireland
  • Austria
  • Switzerland
  • Benelux
  • Nordic
  • Rest of Western Europe
• Eastern Europe
  • Russia
  • Poland
  • The Czech Republic
  • Greece
  • Rest of Eastern Europe
• APAC
  • China
  • Japan
  • South Korea
  • India
  • Australia & New Zealand
  • Indonesia
  • Malaysia
  • Philippines
  • Singapore
  • Thailand
  • Vietnam
  • Rest of APAC
• Latin America
  • Brazil
  • Colombia
  • Chile
  • Argentina
  • Costa Rica
  • Rest of Latin America
• Middle East & Africa
  • Algeria
  • Egypt
  • Israel
  • Kuwait
  • Nigeria
  • Saudi Arabia
  • South Africa
  • Turkey
  • United Arab Emirates
  • Rest of MEA

Key Players Analysis

This competitive landscape of the insulin market provides competitor information. Information includes company overview, financials, revenue generated, and investment in research and developing new markets.

Production capacities, production sites, Global presence, facilities, strengths and weaknesses of the company, product launch, product breadth and width, and application dominance. This is boosting the target market growth.

Market Key Players

• Novo Nordisk A/S
• Eli Lilly and Company
• Sanofi
• Biocon Ltd
• Wockhardt Ltd
• Boehringer Ingelheim International GmbH
• Julphar
• United Laboratories International Holdings Limited
• Tonghua Dongbao Pharmaceutical Co. Ltd.
• Ypsomed AG
• Braun Melsungen AG
• Biodel Inc
• Shanghai Fosun Pharmaceutical Co Ltd
• Tonghua Dongbao
• Other key Players

Recent Developments

• In Aug 2021– The U.S. Food and Drug Administration (FDA) approved an expanded label for Lyumjev, a rapid-acting insulin from Eli Lilly and Company that is indicated to improve glycemic control in adults with type 1 and type 2 diabetes. This label now includes instructions for administration using an insulin pump and continuous subcutaneous insulin infusion.
• In July 2021– The United States approves Semglee, a groundbreaking insulin product manufactured by Biocon in India. Semglee, created by Bengaluru-based Biocon Biologics, is interchangeable with and biosimilar to Lantus, a long-acting insulin product that has already received US approval

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